美国不动产抵押权证券化法律问题研究  

The Origin and Evolution of American Mortgage Securitization

作　　者：王志勤 Wang Zhiqin

机构地区：[1]中央财经大学法学院 [2]上海师范大学哲学与法政学院

出　　处：《东方法学》2019年第4期129-137,共9页Oriental Law

摘　　要：美国理论与实践中的不动产抵押权证券化,其类型主要包括两种:一是住房抵押贷款证券化,肇始于20世纪70年代,为美国经济和解决住房问题作出了巨大贡献;二是商业房地产抵押贷款证券化,比前者出现晚十几年,虽在现金流结构上与前者比较类似,没有显著的不同,但在基础资产的发放、抵押品、偿还贷款期限和现金流的来源上与前者还是存在明显差异的。从1970-2009年的40年间,美国不动产抵押权证券市场得到迅猛发展,但由于不断降低的抵押贷款发放标准、融资杠杆日益被滥用、信用评级机构的"玩忽职守"和投资人"对自己的不负责任",最终爆发了次贷危机。通过2010年的金融改革,美国不动产抵押权证券市场逐渐得以复苏。The real estate mortgage securitization in American theory and practice mainly includes two types:One is housing mortgage securitization,which began in the 1970 s.They have made great contributions to the American economy and to solving the housing problem.Second is commercial real estate mortgage securitization,which emerged more than a decade later than the former,is similar to the former in terms of cash flow structure with no significant difference.But there are significant differences in underlying asset issuance,collateral,loan maturity and cash flow.During the 40 years from 1970 to 2009,the market for real estate mortgage securities in the United States has developed rapidly,but because of the decreasing mortgage lending standards,financing leverage has been increasingly abused.Credit rating agencies"‘negligence’and investors""irresponsibility for themselves"eventually broke out in the subprime crisis.Through the Wall Street Reform Act and other financial reform measures,the U.S.real estate mortgage securities market gradually recovered.

关 键 词：不动产抵押权证券化 住房抵押贷款证券化 商业房地产抵押贷款证券化 次贷危机 美国金融改革 

分 类 号：DF43[政治法律—经济法学]